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Boohoo shares hit by profit warning | Boohoo shares hit by profit warning |
(about 5 hours later) | |
(Close): Shares in online fashion retailer Boohoo dived more than 40% after it issued a profit warning. | |
Boohoo sank more than 40% after it said full-year earnings were set to be "below current market expectations" after it was hit by fierce price competition from High Street rivals. | Boohoo sank more than 40% after it said full-year earnings were set to be "below current market expectations" after it was hit by fierce price competition from High Street rivals. |
However, the FTSE 100 index closed up 53.32 points, or 0.84%, at 6,419.83. | |
Oil prices rebounded slightly from fresh lows seen earlier in the day, but energy stocks closed mixed. | |
The price of Brent crude had dipped below $50 a barrel for the first time since May 2009, hitting $49.66. It then recovered to stand at $51.20 a barrel. Shares in Tullow Oil fell 0.1%, but BP was 0.7% higher. | |
Sainsbury's had given the market a boost earlier on, with its shares jumping by more than 3% after it said like-for-like sales fell 1.7% over the Christmas period, which was not as bad as analysts' forecasts. | Sainsbury's had given the market a boost earlier on, with its shares jumping by more than 3% after it said like-for-like sales fell 1.7% over the Christmas period, which was not as bad as analysts' forecasts. |
However, the shares quickly lost ground as worries about price competition returned, and by the end of the day, Sainsbury's shares were down 2.1% at 229.60p. | |
Shares in Majestic Wine dived 16.9%, despite its reporting a 1.1% rise in like-for-like sales over the Christmas period. Investors were rattled by Majestic saying that it expected the "competitive pricing environment" seen over the festive period to continue "throughout much of 2015". | |
On the currency markets, the pound fell 0.53% against the dollar to $1.5072, but was steady against the euro at €1.2749. |